Liberal billionaire Tom Steyer, a hedge fund manager who long has written checks for left-wing politicians, has been taken to task on Twitter for criticizing fellow billionaire Howard Schultz’s opposition to a proposed “wealth tax.”
Schultz, the former CEO of Starbucks, has drawn the ire of Steyer and other Democrats for exploring a 2020 presidential run as an independent. The Democratic Party has moved too far to the left, Schultz has explained, pointing to freshman Rep. Alexandria Ocasio-Cortez’s proposal for a 70 percent marginal tax rate on income above $10 million.
Steyer charged in a tweet Thursday that Schultz’s stance on the “wealth tax” demonstrates a lack of political savvy.
“@HowardSchultz isn’t ready for prime time. His knee-jerk rejection of a wealth tax shows why. We can’t end inequality until people like Howard & me are required to invest our fair share into our country. It’s not ‘punitive’ – it’s patriotic.”
Steyer’s net worth is estimated to be about $1.6 billion while Schultz’s is $3.4 billion.
.@HowardSchultz isn’t ready for prime time. His knee-jerk rejection of a wealth tax shows why. We can’t end inequality until people like Howard & me are required to invest our fair share into our country. It’s not “punitive”—it’s patriotic.
— Tom Steyer (@TomSteyer) January 31, 2019
On Twitter, many pointed out that there’s no rule, law or reason preventing Steyer from donating his wealth to the government right now.
“Why wait for Schultz to also call for higher taxes on billionaires when he could Steyer more patriotic IMMEDIATELY?” suggested a blogger on the Twitter news aggregator Twitchy.
Twitter user “Bossypants BarnHard” elaborated: “Why don’t you go ahead and donate as much as you think is your ‘fair share’?”
Mike Parker wrote, “Write the check Tommy Boy, no one is stopping you.”
“What’s stopping you from writing a check to the govt for what you think you should pay in taxes? Better yet just donate it to several charities, they’ll do a hell of a better job spending it than the govt,” wrote Tyler Gammon.
Yet another Twitter user pointed out that the U.S. median worth is under $100,000, so Steyer should give away his cash until he’s at that level.
“If Steyer thinks the U.S. treasury deserves his money then maybe he should send it to them instead of giving tens of millions of dollars to Democrats every election cycle,” the Twitchy blogger said.
Craig Smith told Steyer: “Guess u missed econ 101. Show me 1 single example of confiscatory tax rates and a health economy.”
“Sooner Bred” added: “You know you can voluntarily give the IRS extra money each year, right? Then why aren’t you?”